IGLU sells majority stake

BaltCap, the largest private equity fund manager in the Baltics, and investment company Draugiem Capital have announced their joint acquisition of a majority stake in Pepi Rer, widely known for its soft play brand IGLU and floor insulation brand ProVent.

Founded in 1998 and based in Valka, Latvia, Pepi Rer is a manufacturing and e-commerce company producing a wide range of polyethylene foam and air bubble film products including kids soft-play toys IGLU.

After the introduction of the IGLU brand in 2015 the company has more than doubled its revenue reaching a turnover of €13.5 million and profit of €1.7 million in 2022. The company employs 200 people.

The co-founder and co-owner of Pepi Rer, Viesturs Lucāns said: “The teams at BaltCap and Draugiem Group created confidence in us. I trust their knowledge and experience in backing local companies on their growth journey, and their help in reaching new heights, so Pepi Rer can introduce innovative technologies and enter new markets".

Draugiem Capital investment director Dāvis Siksnāns said: "We see great potential to develop the IGLU brand by expanding sales both on platforms such as Amazon and the company's website, using our 19 years of knowledge from companies such as Printful, Fast Brands and others".

After the completion of the transaction – the details of which were not revealed in a company statement – a new supervisory board will be formed with BaltCap investment directors Sandra Aile and Pēteris Treimanis, as well as Draugiem Capital investment director Dāvis Siksnāns serving as board members.

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